Thursday, October 22, 2020

Govt to launch Rs 20 billion fund to provide liquidity, managed by NIT, State Life and banks

Featured

GIP releases inaugural annual report at second plenary meeting

The Second Plenary Meeting of the Green Investment Principles for the Belt and Road (GIP) was held today in...

Pakistan re-elected as member UNHRC

Pakistan has been re-elected to the United Nations Human Rights Council (HRC) with an overwhelming majority securing 169 votes...

Indonesia to host Trade Expo Indonesia 2020 Virtually

The Government of Indonesia is once again hosting its biggest annual international business exhibition, the Trade Expo Indonesia (TEI)...
Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh has approved the fund of Rs 20 billion to be managed by NIT, State Life and banks to provide the liquidity.

Government of Pakistan will launch the fund on May 20.

Earlier a delegation of leading Businessmen and Brokers comprising of Bashir Jan Mohammad, Arif Habib, Aqeel Karim Dhedhi, Ali Jamil and Chairman PSX Sulaiman Mehdi met the Finance Advisor Dr. Abdul Hafeez Sheikh along with Chairman FBR Syed Shabbar Zaidi and Spokesperson for MoF Khaqan Najeeb in Karachi to discuss the overall macro-economic situation of the country and its impact on the Capital Markets.

Under the present depressed market sentiment’s where shares prices have nosed dived, the delegation suggested that the proposed draft of Listed Companies (Buy Back of Shares) Regulations, 2019, be approved on priority and the limit of 10% on treasury shares should be enhanced.

The delegation also proposed to resolve the present issue of ready futures transaction at PSX which is also hurting the market volumes.

It was also recommended that keeping in view the attractive valuations at the PSX, the NIT State Enterprise Fund which was created in 2009 for market support should be reactivated on the same lines. Since the Fund still exists, it would not take long to be activated.

The Finance Minister took note of all the suggestions very positively and assured the delegation of his full support and cooperation.

Various other matters relating to Market development were also discussed and all were taken positively.

Read also: KSE-100 tumbles 805 points on Rupee devaluation, MPS

 

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

Latest News

New York authorities preparing for possible riots after the election

New York City Mayor Bill de Blasio announced that the major American city authorities are preparing for possible unrest...

Trump: 180 million Americans would miss health care plans if Biden came to power

US President Donald Trump did not stop attacking his rival in the US presidential election, Democratic candidate Joe Biden, sending a message to Americans,...

The European Court of Human Rights condemns Turkey of violating the right to freedom of expression

The European Court of Human Rights has convicted Turkey of violating the right to freedom of expression of two university students who have been...

GIP releases inaugural annual report at second plenary meeting

The Second Plenary Meeting of the Green Investment Principles for the Belt and Road (GIP) was held today in Beijing, with over 130 representatives...

Pakistan re-elected as member UNHRC

Pakistan has been re-elected to the United Nations Human Rights Council (HRC) with an overwhelming majority securing 169 votes in the 193-member UN General...

Related News